BitMine's Ethereum treasury reached 5,847,611 ETH on August 23, roughly 4.8% of the total supply. The company says it's now 97% through its \"Alchemy of 5%\" plan to hold 5% of all ETH. And most of that stack is already working: more than 5.07 million ETH is staked, worth about $12.4 billion.
That's 87% of BitMine's entire Ethereum treasury sitting in staking. At a 7-day annualized yield of 2.67%, the position generates roughly $330 million a year in revenue. If the whole portfolio moves through its institutional staking platform, MAVAN, the projected annualized revenue climbs to $381 million.
Buying pace picks up
Last week's purchase was 32,447 ETH, a clear step up from the previous two weeks, which came in at 10,270 and 9,926 ETH. At the time of the buy, total holdings were worth $14.3 billion with ETH trading at $2,440.
The acceleration suggests BitMine isn't easing off as it closes in on the 5% mark.
Ethereum's weekly surge
Ethereum jumped 30% in seven days, from about $1,900 to a brief high above $2,500. That's the biggest weekly gain since May 2025. Tom Lee highlighted that the two previous comparable rallies, in July 2021 and May 2025, were followed by gains of 167% and 170% respectively. No guarantee the pattern repeats, but it puts BitMine's buying in a rising market.
The final stretch
The remaining 3% of the target is the next marker. The next few weekly numbers will show whether BitMine keeps up the aggressive cadence or throttles back as it nears the finish line.
